SatSure and KALRO Partner to Leverage Satellite Data for Agricultural Transformation in Kenya
This strategic collaboration aims to integrate SatSure's expertise in Earth observation and artificial intelligence with KALRO's extensive research capabilities to drive data-driven decision-making in the agriculture sector. The partnership will focus on leveraging satellite imagery, remote sensing, and advanced analytics to provide actionable insights for crop monitoring, yield forecasting, soil health assessment, and climate resilience strategies.
Speaking on the partnership, Dhruva Rajan, Chief Revenue Officer at SatSure, stated,
"We're thrilled to collaborate with KALRO in bringing cutting-edge geospatial intelligence to Kenya's agricultural landscape. This strategic partnership marks a significant step toward enabling data-driven policymaking, strengthening food security, and empowering smallholder farmers with near real-time insights into crop health, weather variability, and sustainable practices."
KALRO, a premier institution in agricultural research, is committed to improving agricultural productivity and sustainability in Kenya. Salim Kinyimu, ICT Director at KALRO, commented, "Our partnership with SatSure aligns with our vision of integrating technology into agricultural research and extension services. By harnessing satellite-based analytics, we can better understand climate impacts, optimize resource utilization, and empower farmers with precise, timely information."
Paving the Way for Innovation
The MoU between SatSure and KALRO will pave the way for pilot projects, joint research initiatives, and the development of digital tools that support agricultural stakeholders, including government agencies, agribusinesses, and farmers.
By combining SatSure's geospatial intelligence capabilities with KALRO's on-ground expertise, the collaboration is set to enhance Kenya's agricultural resilience and contribute to the country's food security goals.
About SatSure
SatSure is one of the world's leading Earth Intelligence companies, delivering analytics-ready data products that enable contextual, industry-specific Earth Observation (EO) solutions at a global scale.
It is an end-to-end EO data refinery platform—transforming EO data into decision intelligence—designed to address global challenges across sectors such as Agriculture, Banking, Aviation, Utilities and Critical Infrastructure, and Natural Resources, including Water and Forestry.
About KALRO
The Kenya Agricultural and Livestock Research Organization (KALRO) is a premier research institution dedicated to enhancing agricultural productivity and rural development in Kenya. KALRO conducts cutting-edge research in crop sciences, livestock management, and sustainable farming practices to support the country's agricultural sector.
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MONTRÉAL, Aug. 4, 2025 /CNW/ - BTB Real Estate Investment Trust (TSX: (" BTB", the " REIT" or the " Trust") announced today its financial results for the second quarter of 2025 ended June 30, 2025 (the " Second Quarter"). "BTB's performance in the second quarter of 2025 highlights our leasing efforts, improved cash flow, and strengthened financial metrics. The quality of our assets underpins our steady progress" says Michel Léonard, President and CEO of BTB. "Our rental revenue totaled $30.5M for the quarter, a decrease of $1.7M or 5.3% compared to the same quarter last year, primarily due to two non-cash straight-line rent adjustments totaling $1.8M. Cash net operating income (Cash NOI) 1 continues to show growth, totaling $19.5M for the quarter, an increase of 0.5% compared to the same quarter last year. For the six-month period, the Cash NOI 1 reached $39.7M, an increase of $1.7M or 4.4% compared to the same period in 2024. Our AFFO adjusted 1 was 9.5¢ per unit, up slightly from 9.4¢ a year ago, and 19.8¢ per unit for the six-month period, representing an increase of 1.5¢ from the comparable period in 2024. Leasing momentum continues as we completed 122,815 square feet of lease renewals and secured 49,809 square feet of new leases during the quarter. The occupancy rate at the end of the quarter stood at 91.2%, still reflecting the impact of the announced industrial tenant bankruptcy in 2024. When factoring in the post-quarter sale of our property located at 1170 Lebourgneuf Blvd. in Quebec City, occupancy improved to 92.0%, representing an increase of 80 basis points. The increase in the average rent renewal rate was 4.7% this quarter and 4.8% over the first six-month period of the year, mainly supported by the necessity-based retail and suburban office segments, which accounted for 58% and 38% of lease renewals respectively. We continue to show positive momentum." SUMMARY OF SIGNIFICANT ITEMS AS AT JUNE 30, 2025 Total number of properties: 74 Total leasable area: 6.1 million square feet Total asset value: $1.3 billion Market capitalization: $321 million (unit trading price of $3.64 as at June 30, 2025) OPERATIONAL HIGHLIGHTS Periods ended June 30 Qua rter 2025 2024 Occupancy – committed (%) 91.2 % 94.6 % Signed new leases (in 49,809 40,080 Renewed leases at term (in 81,622 158,445 Renewal rate (%) 46.1 % 88.7 % Early lease renewals (in 41,193 58,160 Increase in adverage lease renewal rate 4.7 % 5.7 % BTB completed lease renewals totaling 122,815 square feet and new leases totaling 49,809 square feet. The increase in the average rent renewal rate for the current quarter was 4.7%. For the six-month period, the increase in the average rent renewal rate was 4.8%. The occupancy rate stood at 91.2%, a 130 basis points decrease compared to the prior quarter and a 340 basis points decrease compared to the same period in 2024. The decrease in the occupancy rate is primarily due to the bankruptcy of a previously reported tenant. Taking into account the post-quarter sale of the office property located at 1170 Lebourgneuf Blvd., in Quebec City, the occupancy rate of the portfolio would be 92.0%, or an increase of 80 basis points. FINANCIAL RESULTS HIGHLIGHTS Periods ended June 30 Qua rter (in thousands of dollars, except for ratios and per unit data) 2025 2024 $ $ Rental revenue 30,513 32,218 Net operating income (NOI) 17,129 18,856 Cash net operating income (Cash NOI) (1) 19,465 19,377 Net income and comprehensive income 6,194 7,272 Adjusted net income (1) 5,751 7,897 Cash NOI from the same-property portfolio (1) 19,177 19,465 FFO Adjusted (1) 7,365 9,149 FFO adjusted payout ratio 90.6 % 72.2 % AFFO Adjusted (1) 8,423 8,230 AFFO adjusted payout ratio 79.2 % 80.2 % Weighted average number of units and Class B LP units outstanding (000) 88,946 88,032 FINANCIAL RESULTS PER UNIT Net income and comprehensive income 7.0¢ 8.3¢ Adjusted net income (1) 6.5¢ 9.0¢ Distributions 7.5¢ 7.5¢ FFO Adjusted (1) 8.3¢ 10.4¢ AFFO Adjusted (1) 9.5¢ 9.4¢ Rental revenue: Stood at $30.5 million for the quarter, which represents a decrease of $1.7 million or 5.3% compared to the same quarter of 2024. The decrease is driven by non-cash straight-line lease adjustments totalling $1.8 million namely : (1) following the purchase by a group of investors of Lion Electric, the trust negotiated a lease amendment for a term of two (2) years, causing a non-cash straight-line lease adjustment of the property of $1.6 million and, (2) the Trust recorded the early departure of an industrial tenant, Big Rig Trailers, in Edmonton causing a non cash straight-line lease adjustment of the property of $0.2 million, which property was rapidly entirely re-leased to XCMG Canada Ltd, with a long-term lease. For the six-month period, rental revenue totalled $64.9 million, representing an increase of $0.1 million or 0.1% compared to the same period in 2024. Excluding the above mentioned two non-cash straight-line lease adjustments, rental revenue for the quarter would have totalled $32.3 million, an increase of $0.1 million or 0.3% and for the six-month period, it would have totalled $66.7 million, representing an increase of $1.9 million or 2.9%. Net operating income (NOI): Totalled $17.1 million for the quarter, which represents a decrease of 9.2% compared to the same quarter of 2024. For the six-month period, the NOI totalled $37.0 million which represents a decrease of 0.7% compared to the same period in 2024. Both decreases are caused by the above-mentioned non-cash straight-line lease adjustments. Cash net operating income (Cash NOI) (1): Totalled $19.5 million for the quarter, which represents an increase of $0.1 million or 0.5% compared to the same quarter of 2024. For the six-month period, the Cash NOI totalled $39.7 million, which represents an increase of $1.7 million or 4.4% compared to the same period in 2024. The increase is driven by (1) a partial lease cancellation payment of $1.0 million received from a tenant leasing space in the suburban office segment, which space has already been re-leased by the Trust; (2) operating improvements, higher rent renewal rates, and increases in rental spreads for in-place leases representing an increase of $0.3 million; and (3) the previously announced lease with Winners/HomeSense which began to produce income as of February 25, 2025 ($0.4 million). Net income and comprehensive income: Totalled $6.2 million for the quarter, which represents a decrease of 14.8% or $1.1 million. For the six-month period, net income and comprehensive income totalled $13.8 million, representing a decrease of 4.3% or $0.6 million. Cash Same-Property NOI (1): For the quarter, the cash same-property NOI decreased by 1.5% compared to the same period in 2024. For the six-month period, the cash same-property NOI increased by 3.0%. FFO adjusted per unit (1): Was 8.3¢ per unit for the quarter compared to 10.4¢ per unit for the same period in 2024, representing a decrease of 2.1¢ per unit. For the six-month period, the FFO adjusted was 19.4¢ per unit compared to 20.6¢ per unit for the same period in 2024, representing a decrease of 1.2¢ per unit. The decrease is driven by the previously outlined 2 non-cash straight-line lease adjustments of $1.8 million. AFFO adjusted per unit (1): Was 9.5¢ per unit for the quarter compared to 9.4¢ per unit for the same period in 2024, representing an increase of 0.1¢ per unit or 1.1%. For the six-month period, the AFFO adjusted per unit was 19.8¢ per unit compared to 18.3¢ per unit for the same period in 2024, representing an increase of 1.5¢ per unit or 8.2%. The six-month period increase is explained by (1) the previously outlined $1.7 million increase in Cash NOI, (2) a $0.2 million decrease in administrative expenses and, (3) stability in the net financial expenses before non-monetary items. AFFO adjusted payout ratio (1): Was 79.2% for the current quarter compared to 80.2% for the same period in 2024. For the six-month period, the AFFO adjusted payout ratio was 75.8% compared to 82.0% for the same period in 2024, a decrease of 6.2%. Dispositions: On June 16, 2025, the Trust disposed of a small industrial property located at 3911 Millar Avenue, in Saskatoon, Saskatchewan, for total proceeds of $6.1 million, excluding transaction costs and adjustments. Subsequent to the quarter, more specifically on July 11, 2025, the Trust disposed of an office property located at 1170 Lebourgneuf Blvd., in Quebec City, for total proceeds of $10.5 million, excluding transaction costs and adjustments. 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Liquidity position: The Trust held $5.7 million of cash at the end of the quarter and $28.5 million is available under its credit facilities (3). _______________________________________ (1) Non-IFRS financial measure. See Appendix 1. The referred non-IFRS financial measures do not have a standardized meaning prescribed by IFRS and these measures cannot be compared to similar measures used by other issuers. (2) This is a non-IFRS financial measure. The mortgage debt ratio is calculated by dividing the mortgage loans outstanding by the total gross value of the assets of the Trust less cash and cash equivalents. (3) Credit facilities is a term used that reconciles with the bank loans as presented and defined in the Trust's consolidated financial statements and accompanying notes. QUARTERLY CALL INFORMATION Management will hold a conference call on Tuesday, August 5, 2025, at 9 a.m., Eastern Time, to present BTB's financial results and performance for the second quarter of 2025. Interested parties are invited to access the call at least 5 minutes prior to the scheduled start of the call. Note that the call will be in listening mode only. Conference call operators will coordinate the question-and-answer period (from analysts only) and will instruct participants regarding the procedures during the call. The audio recording of the conference call will be available via playback until August 12, 2025, by dialing (+1) 289-819-1450 (local) or 1-888-660-6345 (toll-free) and by entering the following access code: 05333 # ABOUT BTB BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB invests in industrial, suburban office and necessity-based retail properties across Canada for the benefit of their investors. As of today, BTB owns and manages 73 properties, representing a total leasable area of approximately 6.1 million square feet. People and their stories are at the heart of our success. For more detailed information, visit BTB's website at FORWARD-LOOKING STATEMENTS This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by the use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intend", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation, and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release. APPENDIX 1: RECONCILIATION OF NON-IFRS MEASURES Non-IFRS Financial Measures Certain terms used in this press release are listed and defined in the table hereafter, including any per unit information if applicable, are not measures recognized by International Financial Reporting Standards ("IFRS") and do not have standardized meanings prescribed by IFRS. Such measures may differ from similar computations as reported by similar entities and, accordingly, may not be comparable to similar measures. Explanations on how these non-IFRS financial measures provide useful information to investors and additional purposes, if any, for which the Trust uses these non- IFRS financial measures, are also included in the table hereafter. Securities regulations require that non-IFRS financial measures be clearly defined and that they not be assigned greater weight than IFRS measures. The referred non-IFRS financial measures, which are reconciled to the most similar IFRS measure in the table thereafter if applicable, do not have a standardized meaning prescribed by IFRS and these measures cannot be compared to similar measures used by other issuers. NON-IFRS MEASURE DEFINITION Cash Net Operating Income Cash net operating income ("NOI") is a non-IFRS financial measure defined as net operating income less: (i) lease incentive amortization; and (ii) straight-line lease adjustment. Cash NOI is reconciled to NOI, which is the most directly comparable IFRS measure. The Trust considers this to be a useful measure of operating performance and the profitability of it's portfolio by excluding non-cash items. Cash Same-Property NOI Cash same-property NOI is a non-IFRS financial measure defined as Cash net operating income ("NOI") for the properties that the Trust owned and operated for the entire duration of both the current year and the previous year. The most directly comparable IFRS measure to same-property Cash NOI is Operating Income. The Trust believes this is a useful measure as Cash NOI growth can be assessed on its portfolio by excluding the impact of property acquisitions and dispositions of both the current year and previous year. The Trust uses the Cash same-property NOI to indicate the profitability of its existing portfolio operations and the Trust's ability to increase its revenues, reduce its operating costs and generate organic growth. NON-IFRS MEASURE DEFINITION Funds from Operations ("FFO") and FFO Adjusted FFO is a non-IFRS financial measure used by most Canadian real estate investment trusts based on a standardized definition established by REALPAC in its January 2022 White Paper ("White Paper"). FFO is defined as net income and comprehensive income less certain adjustments, on a proportionate basis, including: (i) fair value adjustments on investment properties, class B LP units and derivative financial instruments; (ii) amortization of lease incentives; (iii) incremental leasing costs; and (iv) distribution on class B LP units. FFO is reconciled to net income and comprehensive income, which is the most directly comparable IFRS measure. FFO is also reconciled with the cash flows from operating activities, which is an IFRS measure. FFO Adjusted is also a non-IFRS financial measure that starts with FFO and remove the impact of non-recurring items such as transaction cost on acquisitions and dispositions of investment properties and early repayment fees. The Trust believes FFO and FFO Adjusted are key measures of operating performance and allow the investors to compare its historical performance. Adjusted Funds from Operations ("AFFO") and AFFO Adjusted AFFO is a non-IFRS financial measure used by most Canadian real estate investment trusts based on a standardized definition established by REALPAC in its White Paper. AFFO is defined as FFO less: (i) straight- line rental revenue adjustment; (ii) accretion of effective interest; (iii) amortization of other property and equipment; (iv) unit-based compensation expenses; (v) provision for non-recoverable capital expenditures; and (vi) provision for unrecovered rental fees (related to regular leasing expenditures). AFFO is reconciled to net income and comprehensive income, which is the most directly comparable IFRS measure. AFFO is also reconciled with the cash flows from operating activities, which is an IFRS measure. AFFO Adjusted is also a non-IFRS financial measure that starts with AFFO and removes the impact of non-recurring items such as transaction costs on acquisitions and dispositions of investment properties and early repayment fees. The Trust considers AFFO and AFFO Adjusted to be useful measures of recurring economic earnings and relevant in understanding its ability to service its debt, fund capital expenditures and provide distributions to unitholders. NON-IFRS MEASURE DEFINITION FFO and AFFO per unit and FFO adjusted and AFFO adjusted per unit FFO and AFFO per unit and FFO adjusted and AFFO adjusted per unit are non-IFRS financial measures used by most Canadian real estate investment trusts based on a standardized definition established by REALPAC in its White Paper. These ratios are calculated by dividing the FFO, AFFO, FFO adjusted and AFFO adjusted by the Weighted average number of units and Class B LP units outstanding. The Trust believes these metrics to be key measures of operating performances allowing the investors to compare its historical performance in relation to an individual per unit investment in the Trust. FFO and AFFO payout ratios and FFO Adjusted and AFFO Adjusted payout ratios FFO and AFFO payout ratios and FFO Adjusted and AFFO Adjusted payout ratios are non-IFRS financial measures used by most Canadian real estate investment trusts based on a standardized definition established by REALPAC in its White Paper. These payout ratios are calculated by dividing the actual distributions per unit by FFO, AFFO and FFO Adjusted and AFFO Adjusted per unit in each period. The Trust considers these metrics a useful way to evaluate its distribution paying capacity. Total Debt Ratio Total debt ratio is a non-IFRS financial measure of the Trust financial leverage, which is calculated by taking the total long-term debt less cash divided by total gross value of the assets of the Trust less cash. The Trust considers this metric useful as it indicates its ability to meet its debt obligations and its capacity for future additional acquisitions. Total Mortgage Debt Ratio Mortgage debt ratio is a non-IFRS financial measure of the Trust financial leverage, which is calculated by taking the total mortgage debt less cash divided by total gross value of the assets of the Trust less cash. The Trust considers this metric useful as it indicates its ability to meet its mortgage debt obligations and its capacity for future additional acquisitions. NON-IFRS MEASURE DEFINITION Interest Coverage Ratio Interest coverage ratio is a non-IFRS financial measure which is calculated by taking the Adjusted EBITDA divided by interest expenses net of financial income (interest expenses exclude early repayment fees, accretion of effective interest, distribution on Class B LP units, accretion of non-derivative liability component of convertible debentures and the fair value adjustment on derivative financial instruments and Class B LP units). The Trust considers this metric useful as it indicates its ability to meet its interest cost obligations for a given period. Debt Service Coverage Ratio Debt service coverage ratio is a non-IFRS financial measure which is calculated by taking the Adjusted EBITDA divided by the Debt Service Requirements, which consists of principal repayments and interest expenses net of financial income (interest expenses exclude early repayment fees, accretion of effective interest, distribution on Class B LP units, accretion of non-derivative liability component of convertible debentures and the fair value adjustment on derivative financial instruments and Class B LP units). The Trust considers this metric useful as it indicates its ability to meet its interest cost obligations for a given period. APPENDIX 2: NON-IFRS FINANCIAL MEASURES – QUARTERLY RECONCILIATION Funds from Operations (FFO) (1) The following table provides a reconciliation of net income and comprehensive income established in accordance with IFRS and FFO (1) for the last eight quarters: 2025 2025 2024 2024 2024 2024 2023 2023 Q-2 Q-1 Q-4 Q-3 Q-2 Q-1 Q-4 Q-3 (in thousands of dollars, except for per unit) $ $ $ $ $ $ $ $ Net income and comprehensive income (IFRS) 6,194 7,608 18,847 5,470 7,272 7,153 1,734 15,216 Fair value adjustment on investment properties (700) - (9,975) (283) - (6) 4,480 (6,481) Fair value adjustment on Class B LP units 167 28 (174) 335 (21) 160 (42) (159) Amortization of lease incentives 836 797 966 807 704 690 641 664 Fair value adjustment on derivative financial instruments (176) 868 (760) 2,168 379 (325) 2,396 (584) Leasing payroll expenses 525 466 739 535 433 591 401 359 Distributions – Class B LP units 52 52 52 52 53 52 52 56 Unit-based compensation (Unit price remeasurement) 201 61 (39) 342 63 409 (11) (87) FFO (1) 7,099 9,880 9,656 9,426 8,883 8,724 9,651 8,984 Transaction costs on disposition of investment properties and mortgage early repayment fees 266 - - - 266 201 37 46 FFO Adjusted (1) 7,365 9,880 9,656 9,426 9,149 8,925 9,688 9,030 FFO per unit (1) (2) (3) 8.0¢ 11.1¢ 10.9¢ 10.7¢ 10.1¢ 10.0¢ 11.1¢ 10.3¢ FFO Adjusted per unit (1) (2) (4) 8.3¢ 11.1¢ 10.9¢ 10.7¢ 10.4¢ 10.2¢ 11.1¢ 10.4¢ FFO payout ratio (1) 94.0 % 67.4 % 68.8 % 70.0 % 74.3 % 75.2 % 67.5 % 72.9 % FFO Adjusted payout ratio (1) 90.6 % 67.4 % 68.8 % 70.3 % 72.2 % 73.5 % 67.2 % 72.5 % (1) This is a non-IFRS financial measure, refer to appendix 1. (2) Including Class B LP units. (3) The FFO per unit ratio is calculated by dividing the FFO (1) by the Trust's unit outstanding at the end of the period (including the Class B LP units at outstanding at the end of the period). (4) The FFO Adjusted per unit ratio is calculated by dividing the FFO Adjusted (1) by the Trust's unit outstanding at the end of the period (including the Class B LP units at outstanding at the end of the period). Adjusted Funds from Operations (AFFO) (1) The following table provides a reconciliation of FFO (1) and AFFO (1) for the last eight quarters: 2025 2025 2024 2024 2024 2024 2023 2023 Q-2 Q-1 Q-4 Q-3 Q-2 Q-1 Q-4 Q-3 (in thousands of dollars, except for per unit) $ $ $ $ $ $ $ $ FFO (1) 7,099 9,880 9,656 9,426 8,883 8,724 9,651 8,984 Straight-line rental revenue adjustment 1,500 (381) (374) (247) (183) (394) (197) (842) Accretion of effective interest 367 580 402 391 361 308 310 271 Amortization of other property and equipment 17 18 21 17 17 17 20 33 Unit-based compensation expenses 159 133 247 19 (95) (9) 159 184 Provision for non-recoverable capital expenditures (1) (610) (688) (654) (650) (644) (653) (639) (626) Provision for unrecovered rental fees (1) (375) (375) (375) (375) (375) (375) (375) (375) AFFO (1) 8,157 9,167 8,923 8,581 7,964 7,618 8,929 7,629 Transaction costs on disposition of investment properties and mortgage early repayment fees 266 - - - 267 201 37 46 AFFO Adjusted (1) 8,423 9,167 8,923 8,581 8,231 7,819 8,966 7,675 AFFO per unit (1) (2) (3) 9.2¢ 10.3¢ 10.1¢ 9.7¢ 9.1¢ 8.7¢ 10.2¢ 8.8¢ AFFO Adjusted per unit (1) (2) (4) 9.5¢ 10.3¢ 10.1¢ 9.7¢ 9.4¢ 8.9¢ 10.3¢ 8.8¢ AFFO payout ratio (1) 81.8 % 72.7 % 74.5 % 76.8 % 82.9 % 86.2 % 72.9 % 85.8 % AFFO Adjusted payout ratio (1) 79.2 % 72.7 % 74.5 % 77.2 % 80.2 % 83.9 % 72.6 % 85.3 % (1) This is a non-IFRS financial measure, refer to appendix 1. (2) Including Class B LP units. (3) The AFFO per unit ratio is calculated by dividing the AFFO (1) by the Trust's unit outstanding at the end of the period (including the Class B LP units at outstanding at the end of the period). (4) The AFFO Adjusted per unit ratio is calculated by dividing the AFFO Adjusted (1) by the Trust's unit outstanding at the end of the period (including the Class B LP units at outstanding at the end of the period). APPENDIX 3: NON-IFRS FINANCIAL MEASURES – DEBT RATIOS Debt Ratios The following table summarizes the Trust's debt ratios as at June 30 2024 and 2025 and December 31, 2024: (in thousands of dollars) June 30, 2025 December 31, 2024 June 30, 2024 $ $ $ Cash and cash equivalents (5,677) (2,471) (857) Mortgage loans outstanding (1) 659,094 665,607 636,492 Convertible debentures (1) 36,816 19,576 43,375 Credit facilities 30,951 44,298 39,606 Total long-term debt less cash and cash equivalents (2) (3) 721,184 727,010 718,616 Total gross value of the assets of the Trust less cash and cash equivalents (2) (4) 1,263,906 1,254,818 1,236,326 Mortgage debt ratio (excluding convertible debentures and credit facilities) (2) (5) 51.7 % 52.8 % 51.4 % Debt ratio – convertible debentures (2) (6) 2.9 % 1.6 % 3.5 % Debt ratio – credit facilities (2) (7) 2.4 % 3.5 % 3.2 % Total debt ratio (2) 57.1 % 57.9 % 58.1 % (1) Before unamortized financing expenses and fair value assumption adjustments. (2) This is a non-IFRS financial measure, refer to appendix 1 (3) Long-term debt less free cash flow is a non-IFRS financial measure, calculated as total of: (i) fixed rate mortgage loans payable; (ii) floating rate mortgage loans payable; (iii) Series I debenture capital adjusted with non-derivative component less conversion options exercised by holders; and (iv) credit facilities, less cash and cash equivalents. The most directly comparable IFRS measure to net debt is debt. (4) Gross value of the assets of the Trust less cash and cash equivalent ("GVALC") is a non-IFRS financial measure defined as the Trust total assets adding the cumulated amortization property and equipment and removing the cash and cash equivalent. The most directly comparable IFRS measure to GVALC is total assets. (5) Mortgage debt ratio is calculated by dividing the mortgage loans outstanding by the GVALC. (6) Debt ratio – convertible debentures is calculated by dividing the convertible debentures by GVALC. (7) Debt ratio – credit facilities is calculated by dividing the credit facilities by the GVALC. SOURCE BTB Real Estate Investment Trust
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4 hours ago
- Cision Canada
5N Plus Inc. Reports 2025 Second Quarter Financial Results and Increases Annual Guidance
32% year-over-year revenue growth to a ten year-high of $184.2 million for the first half of 2025 Record Q2 2025 Adjusted gross margin 1 of $33.0 million and of 34.6% as a percentage of sales 1 Record Q2 2025 Adjusted EBITDA 1 of $24.1 million, representing 79% year-over-year growth Net-debt-to-EBITDA ratio 1 of 1.09x as at June 30, 2025 2025 Adjusted EBITDA guidance increased to a range of $65-$70 million, up from $55-$60 million MONTREAL, Aug. 4, 2025 /CNW/ - 5N Plus Inc. (TSX: VNP) ("5N+" or "the Company"), a leading global producer of specialty semiconductors and performance materials, today announced its financial results for the three-month period ended June 30, 2025 ("Q2 2025"). All amounts in this press release are expressed in U.S. dollars unless otherwise stated. "Our performance this quarter and year to date marks several new all-time highs for 5N+, including record quarterly Adjusted gross margin, and record quarterly and first-half Adjusted EBITDA. In addition, we generated our strongest first-half revenues in a decade. In a volatile business environment where customers are seeking dependable partners, 5N+ stands out for reliability, technical expertise and product quality, further supported by our diversified global sourcing and manufacturing capabilities which are of strategic importance to our customers," said Gervais Jacques, President and CEO, 5N+. "Building on our record results to date and amid accelerating demand in our strategic sectors, 2025 is shaping up to be a landmark year for 5N+. Within Specialty Semiconductors, we continue to capitalize on, and to anticipate, further demand momentum from the renewable energy and space power markets, while in Performance Materials our bismuth-based products are delivering exceptional margins," added Mr. Jacques. "As we head into the second half of the year, we are not only well-positioned to deliver on our now increased Adjusted EBITDA guidance ambitions for 2025, but to build on this momentum going into 2026. Thanks to our competitive advantages and expanded capacity, we will continue to solidify our status as the strategic partner of choice outside of China, able to capture growing demand for our high-purity advanced materials in an evolving geopolitical landscape," concluded Mr. Jacques. Financial Highlights Revenue in Q2 2025 increased by 28% to $95.3 million, compared to $74.6 million in Q2 2024. The increase is primarily attributable to higher sales in the terrestrial renewable energy and space solar power sectors under Specialty Semiconductors, and higher bismuth-based product pricing under Performance Materials. Adjusted EBITDA in Q2 2025 increased by 79% to $24.1 million, compared to $13.5 million in Q2 2024, driven by higher volumes in the terrestrial renewable energy and space solar power sectors, and better prices over inflation for both solar power and bismuth-based products. Adjusted gross margin increased by 41% to $33.0 million in Q2 2025, favourably impacted by the same factors as above. Adjusted gross margin as a percentage of sales was 34.6% in Q2 2025, compared to 31.3% in Q2 2024. Net earnings in Q2 2025 were $15.2 million, compared to $4.8 million in Q2 2024. Backlog 1 stood at $310.0 million, representing 297 days of annualized revenue as at June 30, 2025, 29 days higher than in the previous quarter. Net debt 1 was $74.3 million as at June 30, 2025, compared to $100.1 million as at December 31, 2024, reflecting an increase in cash. The Company's net-debt-to-EBITDA ratio stood at 1.09x as at June 30, 2025. ______________________________ 1 These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. See Non-IFRS Measures for more information. Outlook Through the second half of 2025, 5N+ anticipates demand under Specialty Semiconductors from the terrestrial renewable energy and space solar power markets to accelerate, as customers look to secure advanced materials from trusted and reliable partners. Under Performance Materials, consistent with historical trends, volumes through the second half of 2025 are expected to be slightly lower than compared to the first half of 2025, with margins continuing to benefit from the Company's strategic global footprint and sourcing capabilities in the current volatile business environment. Based on its financial performance year to date, coupled with anticipated demand under Specialty Semiconductors and better than anticipated performance under Performance Materials, Adjusted EBITDA guidance for 2025 has been revised upwards from a range of $55 to $60 million, last updated on February 25, 2025, to a range of $65 to $70 million. Looking ahead, the Company will continue to remain prudent in an evolving geopolitical environment, including with regards to its impact on operating costs. As a preferred supplier of ultra-high-purity, high-quality products with a strong supply chain providing customers with a key strategic advantage, 5N+ is well-positioned to continue solidifying its leadership in key end markets through the end of 2025 and going into 2026. Conference Call 5N+ will host a conference call on Tuesday, August 5, 2025, at 8:00 a.m. Eastern Daylight Time to discuss its 2025 second quarter financial results. All interested parties are invited to participate in the live broadcast on the Company's website at To participate in the conference call: A replay of the conference call will be available two hours after the event and until August 12, 2025. To access the recording, please dial 1-888-660-6345 and enter access code 94154. About 5N+ 5N+ is a leading global producer of specialty semiconductors and performance materials. The Company's ultra–pure materials often form the core element of its customers' products. These customers rely on 5N+'s products to enable performance and sustainability in their own products. 5N+ deploys a range of proprietary and proven technologies to develop and manufacture its products. The Company's products enable various applications in several key industries, including renewable energy, security, space, pharmaceutical, medical imaging and industrial. Headquartered in Montréal, Quebec, 5N+ operates R&D, manufacturing and commercial centers in strategically located facilities around the world including Europe, North America and Asia. Forward–Looking Statements Certain statements in this press release may be forward–looking within the meaning of applicable securities laws. Such forward–looking statements are based on a number of estimates and assumptions that the Company believes are reasonable when made, including that 5N+ will be able to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners, that 5N+ will continue to operate its business in the normal course, that 5N+ will be able to implement its growth strategy, that 5N+ will be able to successfully and timely complete the realization of its backlog, that 5N+ will not suffer any supply chain challenges or any material disruption in the supply of raw materials on competitive terms, that 5N+ will be able to generate new sales, produce, deliver, and sell its expected product volumes at the expected prices and control its costs, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict and may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward–looking statements. A description of the risks affecting the Company's business and activities appears under the heading "Risk and Uncertainties" of 5N+'s 2024 MD&A dated February 25, 2025 and note 10 of the unaudited condensed interim consolidated financial statements for the three and six-month periods ended June 30, 2025 and June 30, 2024 available on SEDAR+ at Forward–looking statements can generally be identified by the use of terms such as "may", "should", "would", "believe", "expect", the negative of these terms, variations of them or any similar terms. No assurance can be given that any events anticipated by the forward–looking statements in this press release will transpire or occur, or if any of them do so, what benefits that 5N+ will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N+. The forward–looking statements contained in this press release is made as of the date hereof and the Company has no obligation to publicly update such forward–looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward–looking statements. Forward-looking statements are presented in this press release for the purpose of assisting investors and others in understanding certain key elements of the Company's expected financial results, as well as the Company's objectives, strategic priorities and outlook, and in obtaining a better understanding of the Company's anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Three months Six months 2025 2024 2025 2024 $ $ $ $ Revenue 95,311 74,580 184,199 139,599 Cost of sales 65,888 54,385 127,780 102,405 Selling, general and administrative expenses 7,699 8,717 16,259 16,034 Other expenses (income), net 2,251 2,329 5,576 4,579 75,838 65,431 149,615 123,018 Operating earnings 19,473 9,149 34,584 16,581 Financial expense Interest on long-term debt 2,002 2,146 4,006 3,941 Imputed interest and other interest expense 351 (272) 1,064 139 Foreign exchange (gain) loss (97) 2 (811) (385) 2,256 1,876 4,259 3,695 Earnings before income taxes 17,217 7,273 30,325 12,886 Income tax expense (recovery) Current 4,706 2,177 8,077 4,691 Deferred (2,716) 307 (2,552) 899 1,990 2,484 5,525 5,590 Net earnings 15,227 4,789 24,800 7,296 Basic earnings per share 0.17 0.05 0.28 0.08 Diluted earnings per share 0.17 0.05 0.28 0.08 Net earnings are completely attributable to equity holders of 5N Plus Inc. 5N PLUS INC. INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands of United States dollars) (unaudited) June 30 2025 December 31 2024 $ $ Assets Current Cash 48,624 22,142 Accounts receivable 58,485 42,172 Inventories 142,960 137,823 Income tax receivable 850 1,811 Derivative financial assets 3,131 6,978 Other current assets 5,895 6,469 Total current assets 259,945 217,395 Property, plant and equipment 93,584 85,995 Right-of-use assets 29,373 28,583 Intangible assets 24,213 22,929 Goodwill 12,032 10,665 Deferred tax assets 9,439 7,358 Other assets 3,350 3,982 Total non-current assets 171,991 159,512 Total assets 431,936 376,907 Liabilities Current Trade and accrued liabilities 50,916 42,116 Income tax payable 10,733 5,207 Current portion of deferred revenue 13,834 11,206 Current portion of lease liabilities 2,115 1,952 Total current liabilities 77,598 60,481 Long-term debt 122,961 122,203 Deferred tax liabilities 6,216 5,737 Employee benefit plan obligations 13,272 12,624 Lease liabilities 28,856 27,450 Deferred revenue 10,103 8,688 Other liabilities 797 706 Total non-current liabilities 182,205 177,408 Total liabilities 259,803 237,889 Equity 172,133 139,018 Total liabilities and equity 431,936 376,907 Non–IFRS Measures Backlog represents the expected orders the Company has received, but has not yet executed, and that are expected to translate into sales within the next twelve months, expressed in dollars and estimated in number of days not to exceed 365 days. Bookings represent orders received during the period considered, expressed in number of days, and calculated by adding revenue to the increase or decrease in backlog for the period considered, divided by annualized year revenue. 5N+ uses backlog to provide an indication of expected future revenue in days, and bookings to determine its ability to sustain and increase its revenue. EBITDA means net earnings (loss) before interest expenses, income tax expense (recovery), depreciation and amortization. 5N+ uses EBITDA because it believes it is a meaningful measure of the operating performance of its ongoing business, without the effects of certain expenses. The definition of this non-IFRS measure used by the Company may differ from that used by other companies. EBITDA is reconciled to the most comparable IFRS measure: EBITDA margin is defined as EBITDA divided by revenue. Adjusted EBITDA means operating earnings (loss) as defined before the effect of impairment of inventories, share-based compensation expense (recovery), ERP implementation costs, loss (gain) on disposal of property, plant and equipment, loss (gain) on remeasurement of financial instrument, impairment (reversal of impairment) of non-current assets, litigation and restructuring costs (income), and depreciation and amortization. 5N+ uses Adjusted EBITDA because it believes it is a meaningful measure of the operating performance of its ongoing business without the effects of certain expenses. The definition of this non-IFRS measure used by the Company may differ from that used by other companies. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA margin are reconciled to the most comparable IFRS measure: Adjusted gross margin is a measure used to monitor the sales contribution after paying cost of sales, excluding depreciation and inventory impairment charges. 5N+ also expressed this measure in percentage of revenue by dividing the adjusted gross margin value by the total revenue. Adjusted gross margin is reconciled to the most comparable IFRS measure: Net debt is calculated as total debt less cash. Any introduced IFRS 16 reporting measures in reference to lease liabilities are excluded from the calculation. 5N+ uses this measure as an indicator of its overall financial position. The net debt to EBITDA ratio is defined as net debt divided by the trailing 12 months EBITDA. Total debt and Net debt are reconciled to the most comparable IFRS measure: SOURCE 5N Plus Inc.
